New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1887-12-31
NINTH-AVE. BANK TROUBLE.
STOCKHOLDERS IN A DILEMMA.
SAYS HE WOULD FEEL RELIEVED If
,,uc wupE CTpGED

IT'S PRESIDENT SAYS He WOULD FEEL hhh'-' M "
THE DooRs WE'RE CLOSED.
As already published in HE lRlbCNE 'no
State Banking Department at Albany mas III COLI
saouence OF President Bellamy's report OH the
.,dition of th, Ninth-ave bank on December
- declared sos 900 Of the 100000 capita sooch
Unmarried by various loans made by the oank
These loans are represented Ill the pahh ; asSc's
nv naper in part overdue and III part cohsIuere'
insuf;icienty secured. This amonnt also 'hcluu'S
.ho discounts made by Cashier Hubbard without
rho knowledge Of or sanction OF the dlrec'oi'
and which were placed to the cashiers account
The order Of the Banking Department virtually
signifies that the dscounting of so much douotiu,
Manor too scrusly crlpplcs the running c"Pi'"'
of the institution and requires the stocKhoiuers W
take from the bank the notes representing V"c@0'
600 and to replace them by cash or us edui>" i
Tbonpb some of the stockholders are cohliueh'
that nearly all of the paper IN question wiz "
maid and are therefore willing to take ulcir s'io
from the bank a majority look upon the oruer
rs equivalent to an assessment oil % per ce"V "
the par value. There lies the i"n
which threatens the progress oil the s 1 i
President w IL. Bolamy was seen at thc '"i'N
Yesterday afternoon. lie Sald'
What will be done l at a loss TO say 90
mot doubt that most not all of the paper qus' %
vii Hc maid In fart the whole trouble arose n"n,
unnecessary actions the part OF the u1S.O i
frpfn a
dsscnuots rlalc by the cashier to MS d'Di' va
nrV and provoked the first on ol w
hanks affairs Also there was no reason Why , n.e
,,nraid and overdue notes held 10y the Dahh' S'o
thew we're and are considered good should no, oc
hon reDaced by new notes. II iha' hdu &c" 49,,
tbcrc would have been call Tor suSIcc'nS w
yct ali may he we'll for a nler OF the s.p'
havc assured me that they would put up thcIr sdtO
nS Tho sCs 900 There Is one man. however vi"
cnntrols the majority OF the stock ahi he J. n1I
erons Of having out over S31 goo IN lump NJ,
are outsiders who are willing To buy the STOCK aiu
assume the obligation under certain terms. NHnn,
however do not seem to be acccptahic 10 any "I Wv.
kicking stockholders As far as am conccl,r,I am
disguised and should consider It relief il the uo"'S
closed
The terms offered by one gentleman dcslrous
of purchasing :, M of the bank stock are Qecuiar
lie argues that since the stock Is IniPaiIVi =.
10 the extent of 6S per cent OF It's par NaluC' n IL
is worth now only S32 a snare. ms ne onrIs
to nay stakeholder. agreeing at the same t w
To nav the SOS per share into the bank ne
stock holder is thereby placed in peculiar posi-
tion lie does not desire TO take the cn1llc.s
with the doubtful paper: he docs no, wish 70
lose 6s per cent of what he paid Tor MS Sl9SN'
and he dslillcs 10 have the bank closed hesIoIs
he docs not understand how the offer 10 pay ,ie
Sos pcr share into the bank VIII do nm any
good if he sells ont. And there the matter rcs,n
Cashier Hubbard though well enough TO oe on'
has not yet put in an appearance a' 'he o""N